Muscat - Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary unaudited results for the six months ended 30 June 2022.
The bank posted a net profit of OMR99.26 million for the period compared to OMR94.65 million reported during the same period in 2021, an increase of 4.9 per cent.
The key highlights of the results for the period are as follows:
Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR 166.25 million for the six months ended 30 June 2022 compared to OMR 168.44 million for the same period in 2021, a decrease of 1.3 per cent due to higher interest expenses.
Non-interest income was OMR 81.44 million for the six months ended 30 June 2022 as compared to OMR 74.70 million for the same period in 2021, mainly due to higher income from the sale of investments.
Operating expenses for the six months ended 30 June 2022 was OMR 102.71 million as compared to OMR 95.12 million for the same period in 2021, an increase of 8.0 per cent.
Net Impairment for credit and other losses for the six months ended 30 June 2022 was OMR 28.40 million as against OMR 35.33 million for the same period in 2021. The decrease is mainly attributed to the precautionary and collective provisions created by the bank during the first half of 2021, due to the ongoing pandemic situation and the improving global crude oil prices.
Net Loans and advances including Islamic financing receivables decreased by 2.5 per cent to OMR 9,003 million as against OMR 9,238 million as of 30 June 2021, due to certain large repayments.
Customer deposits including Islamic Customer deposits increased by 1.9 per cent to OMR 8,834 million as against OMR 8,670 million as of 30 June 2021.
The full results for the six months ended 30 June 2022 along with the complete set of unaudited financial statements will be released following the approval of the Board of Directors of the bank at its meeting scheduled later in July 2022.
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